Ep139 - Money Memories and Financial Wellbeing with Karen Eley

In this conversation, Tom chats with Karen Eley, CEO and Founder of Women Talking Finance. They discuss the concept of financial wellbeing, exploring its definition, importance and the psychological aspects that influence our relationship with money. They dive into personal money memories, common financial behaviours and the role of financial wellbeing in the workplace.
Karen emphasises the need for financial education and the importance of setting financial goals, while also highlighting the emotional aspects of money management. The discussion concludes with insights on how to create a supportive financial environment and the future of financial wellbeing coaching.
Takeaways

• Financial wellbeing consists of three pillars: meeting obligations, having a safety net and saving for future goals.
• Personal money memories significantly shape our financial behaviours and beliefs.
• Common money behaviours include avoidance, overspending and hypervigilance.
• Financial wellbeing has become a priority in workplace wellbeing due to increased financial stress.
• More money does not necessarily solve financial problems; understanding behaviours is key.
• Setting clear financial goals is essential for effective money management.
• Creating a supportive environment can help mitigate impulsive spending.
• Financial education is crucial for empowering individuals to manage their finances better.
• Conversations about money should be normalised in workplaces to reduce stigma.
• A money coach can help individuals explore their relationship with money and develop healthier habits.

~

Resources:

Women Talking Finance: https://www.womentalkingfinance.com.au/
Connect with Karen Eley: https://au.linkedin.com/in/karen-eley-womentalkingfinanceLearn more about Well Workplaces: https://www.medibank.com.au/better-health/workplace-health/well-workplaces/